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Supporters of Robin Hood Tax see move as an important step forward for the proposal.
Brussels (26 June 2012) - At a meeting of European Finance Ministers in Copenhagen an agreement was reached paving the way for nine countries to implement a Financial Transactions Tax (FTT), commonly called the Robin Hood Tax. The nine countries considering it include Germany, France, Austria, Belgium, Portugal, Greece, Slovenia, Estonia and possibly Slovakia.
While the finance minister of Italy said the country was "in sympathy" with the proposal, it was not quite ready to support it.
As part of the agreement, the remaining 18 countries of the European Union (EU) announced they would not block the proposal.
Under an "enhanced co-operation procedure" the FTT can go ahead among a core group of countries but only if it does not impact the internal market and the countries not involved.
The nine countries involved have asked the European Commission to create proposals on how an FTT might work among the core group of countries.
While he would have preferred all 27 EU member countries had adopted the FTT German Finance Minister Wolfgang Schaeuble said that "we emphatically want to move ahead."
Supporters of the Robin Hood Tax/FTT see this as an important step forward for the proposal.
Nicolas Mombrial, Oxfam's EU spokesman, said: "We're delighted that a coalition of willing countries has finally asked the U.K. and other blockers to step out of the way. Europe can finally move beyond talking, and has a real opportunity to introduce an FTT that will help to fight poverty and climate change."
He said next week's EU summit in Brussels should be a time for more countries to join the FTT "and show they're ready to put the interests of ordinary people before those of the financial sector."
He added, "To gain popular support, a significant part of the (FTT) revenues should go to people who have been hit hardest by the economic crisis in poor countries. Using the proceeds of a new tax only for EU projects or to pay down deficits would be a betrayal of the millions who support a Robin Hood Tax."
The Robin Hood Tax campaign also welcomed the move. Its spokesman David Hillman said: "We are delighted that a coalition of European countries has agreed to press ahead with a financial transaction tax.
"A Robin Hood tax would boost growth as well as raise billions to tackle poverty and protect public services at home and abroad."
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